IXICO PLC (AIM:IXI, OTC:PHYOF) is predicting double-digit revenue growth in the second half along with a return to top-line growth in 2024.
It marks a successful end to a difficult period for the neuroscience analytics specialist following the unexpected cessation of a significant clinical trial.
The update came alongside a review of trading for the six months that ended 31 March 2023, which revealed the business was cash generative at the operating level, well funded with £5mln in the bank.
Revenues for the period were £3.2mln, down from £3.9mln a year earlier, while losses before interest, tax, depreciation, and amortisation are predicted to be £0.6mln.
The contracted book of new business, the driver going forward, increased to £13.3mln from £12.6mln.
"The re-building of our order book is a priority as we look to benefit from investments we are making in our commercial capabilities to support our pipeline of opportunities and address the demand for our specialist AI neuroimaging analytical services," said chief executive Giulio Cerroni.
"The combination of our diversified order book, near-term opportunities and a commitment to being at the forefront of AI-based imaging biomarker analysis, mean we are well placed to deliver double-digit revenue growth across the second half of FY-2023 as compared to the first half, providing the foundation for further growth across 2024 and beyond."